Admiral Posts Upbeat Full-Year Profit

Admiral Group PLC AMIGY reported a rise in its full-year profit. Admiral's attributable profit after tax climbed to 221.2 million pounds ($347.8 million), versus 193.8 million pounds, in 2010. Its pretax profit climbed to around 300 million pounds, from 265.5 million pounds. However, analysts were expecting a pretax profit of 289 million pounds. Its net revenue surged to 870.3 million pounds versus 640.8 million pounds. The group's turnover jumped 38% to 2.19 billion pounds. Admiral's board also proposed a final 2011 dividend of 36.5 pence per share. Admiral shares closed at $15.92 yesterday.